Equity Builder Program
At MountainOne Bank, we offer the Federal Home Loan Bank of Boston’s Equity Builder Program (EBP), where qualified homeowners can receive grants* for down payments, closing costs, homebuyer counseling, single premium mortgage insurance, and rehabilitation assistance!
EBP provides eligible First-time Homebuyers up to $15,000 in grant money. Funds are available for a limited time, will be awarded on a first-come, first-serve basis, and are not guaranteed.
The program requirements are:
- Qualification based upon income levels**
- For primary residencies only
- Program is for first-time homebuyers
To be eligible to receive assistance through EBP, buyers must complete a home-buyer-counseling education program administered by a designated agency approved by MountainOne Bank. Eligible ownership units include primary residence single-family, one- to four-family homes, townhouses, duplexes, condominiums, cooperatives, and modular homes. Other types of housing may be considered.
If you are a first time homebuyer who would like to learn how EBP could help you get into your first home, ask us how! Contact one of our Mortgage Experts now.
*Grant is provided by the Federal Home Loan Bank of Boston through their Equity Builder Program.
**Buyers eligible to receive assistance through the EBP are individuals and households earning no more than 80 percent of the area median income, based on their future address. The program must include pre-and post-purchase counseling. Interest would not accrue on the grant and the grant is forgivable after five years from the date of the loan closing on your primary residence. May not be combined with any other type of down payment programs. Loans are subject to credit approval.